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By Sam Boughedda
Investing.com — Spotify Expertise (NYSE:) inventory rose 3% Monday as buyers reacted to banks elevating its worth goal final week and Bernstein upgrading the inventory to market carry out from underperform.
Spotify inventory touched a excessive of $302.57 after the open — it’s presently buying and selling round $298.45.
On Monday, Bernstein analyst Todd Juenger upgraded the inventory, setting a worth goal of $280.
“At SPOT, new trade information drives a rise in our world market forecast for music streaming,” Juenger instructed buyers in a analysis notice.
“Multiplied towards an elevated forecast for long-term Gross Margins, supported by proof in Q3 outcomes, will increase our probability-weighted goal worth to a stage ($280) that’s now in-line with the market worth. Our elevated streaming forecast additionally results in a big improve in our goal worth for WMG,” he added.
Final week, following Spotify’s earnings, Pivotal Analysis, Barclays, and KeyBanc raised their worth targets on the inventory.
KeyBanc analyst Justin Patterson elevated the worth goal on Spotify to $365 from $340, preserving an obese ranking.
Mario Lu at Barclays raised the Spotify worth goal to $310 from $300, additionally preserving an obese ranking.
Pivotal Analysis analyst Jeffrey Wlodarczak boosted the agency’s worth goal on Spotify to $385 from $300, sustaining a purchase ranking.
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